Companies /Real Estate

Omega Healthcare Investors Inc

NYSE: OHI Reit - Healthcare Facilities
$46.99
▲ $0.20 (+0.43%) today
Markets closed · 11:31pm ET

Q1 2026 Earnings

Reported Apr 28, 2026, 4:18pm ET · SEC source
$0.82
Beat +66.09%
EPS · est. $0.49
$323.0M
Beat +21.09%
Revenue · est. $266.7M
−9.5%
Trailing market
OHI vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−3%−2%−1%0Apr 28Apr 29report 4:18pm ETearnings−0.5%−1.5%
−3%−2%−1%0Apr 28Apr 29earnings−0.5%−1.5%
OHI −1.5%S&P 500 −0.5%
−3%−2%−1%0Apr 28Apr 29report 4:18pm ETearnings−0.2%−1.5%
−3%−2%−1%0Apr 28Apr 29earnings−0.2%−1.5%
OHI −1.5%NASDAQ −0.2%
−2%0+2%Apr 27May 6report 4:18pm ETearnings+3.1%−2.4%
−2%0+2%Apr 27May 6earnings+3.1%−2.4%
OHI −2.4%S&P 500 +3.1%
−3%0+3%+6%Apr 27May 6report 4:18pm ETearnings+5.7%−2.4%
−3%0+3%+6%Apr 27May 6earnings+5.7%−2.4%
OHI −2.4%NASDAQ +5.7%
−1.46%
Day of report
+0.51%
Next session
−1.41%
One week
−2.89%
30 days

S&P 500 over the same 30 days: +6.60%.

Did OHI Beat Earnings? Q1 2026 Results

Omega Healthcare Investors posted a solid first quarter for fiscal 2026, extending its beat streak to four consecutive quarters as adjusted FFO of $0.82 per diluted share landed ahead of the $0.48 consensus estimate, while revenue climbed 16.7% year-over-year to $322.95 million. The headline growth was driven by higher rental income, new investment activity, and a recovery of credit losses, with GAAP net income rising to $158.58 million from $112.06 million in the year-ago period. A particularly notable catalyst was the company's $251.00 million in new Q1 investments, including a 9.9% equity stake in Saber Healthcare and its first Canadian development loan, signaling a deliberate expansion beyond traditional triple-net leases into RIDEA structures and international markets. The planned $480.00 million disposition of 18 underperforming CommuniCare facilities, twelve of which closed in April, further sharpens the portfolio's quality profile. Looking ahead, management lifted its full-year 2026 AFFO guidance midpoint by $0.02 to $3.22 per diluted share, reflecting continued confidence in operator fundamentals as trailing EBITDAR coverage improved to 1.58x.

Key Takeaways
  • FAD per share up 9.5% year-over-year driven by accretive investment activity and active portfolio management
  • Rental income increased to $266.9 million from $228.4 million year-over-year
  • Recovery of credit losses of $3.3 million vs. provision of $5.1 million in Q1 2025
  • Operator coverage metrics continued to modestly improve, with EBITDAR coverage (after management fees) reaching 1.58x for twelve months ended December 31, 2025
  • Occupancy stable at 82.6% for twelve months ended December 31, 2025
  • New resident fees and services income of $6.7 million from RIDEA-structured senior housing operations

“We are pleased to report strong first quarter results, with FAD per share up 9.5% over the same quarter last year. This reflects our continued accretive investment activity, augmented by active portfolio management. As a result of our strong start to 2026, we were able to increase the low end of our AFFO guidance, moving the midpoint up by two cents to $3.22.”

Omega Healthcare Investors CEO, on the earnings call

Forward Guidance & Outlook

Omega raised its full-year 2026 Adjusted FFO guidance midpoint by $0.02 to $3.22 per diluted share, with the updated range of $3.19 to $3.25 per share (previously $3.15 to $3.25). Guidance assumes all disclosed new investments, Genesis continuing full contractual rent of $13.3 million per quarter, Maplewood paying $19.5 million per quarter, quarterly G&A of $14-15 million, sale of 18 CommuniCare facilities for $480 million, conversion of $65 million in maturing mortgages to fee simple real estate, and repayment of $224 million in non-real estate backed loans throughout 2026. Guidance excludes additional acquisitions, capital markets activity, interest refinancing expenses, and provisions for credit losses.

OHI YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$90.0M$180.0M$270.0M$276.8M$323.0MRevenue$156.4M$159.9MOperating Income$109.0M$151.0MNet Income
$0$90.0M$180.0M$270.0MRevenueOperating IncomeNet Income

OHI Revenue by Segment

Triple-Net Investments
Operating Portfolio

Figures from SEC filings and company reports. Not investment advice.